Computer Aided Detection Market Estimated to Cross (Revenues) by 2024
Cancers such as colorectal, lung, stomach, breast, prostrate, cervical cancer and leukemia are the most common types of cancer. A publication in association with the World Health Organization (WHO) and the International Agency for Research on Cancer (IARC), stated that occurrence of cancer increased with the growing age of individuals.
Increasing awareness of successful cancer treatment which needs early diagnosis is driving the population towards routine checkups and is expected to boost global CAD market growth during the forecast period.
Furthermore, availing health insurance requires mandatory pre-screening tests for chronic diseases. Thus, as the demand for insurance will gradually increase, the need for precise screening tools shall also increase correspondingly. Hence, growth in demand for insurance policies is expected to increase the adoption rate of CAD solutions in diagnostic tools. High preference for digital breast tomosynthesis is another factor that drives the growth of the global computer aided detection market.
In digital breast tomosynthesis, the radiation is more concentrated and imaging is done of the complete breast with limited degree scan. Most of the imaging done is by reconstruction and is generally based on expectation–maximization algorithm. Digital breast tomosynthesis is, therefore, a computer aided detection wherein great computational power and image construction algorithm is required to produce detailed images of the breast.
Technological advances such as evolution of artificial intelligence (AI) is expected to augment the continuous development of the global CAD market. The evolution of artificial intelligence globally is projected to drive growth of detection and diagnostics, and be a valuable asset in the investigation of cancer. This factor is anticipated to boost the growth of the global computer aided detection market in forecast period.
Based on application, breast cancer segment is expected to contribute largest share in global computer aided detection market due to increasing incidences. According to the World Cancer Research Fund International, breast cancer is the most common cancer in women globally, with nearly 1.7 Mn new cases detected in 2012.
Additionally, breast cancer accounted for about 12% of all new cancer cases and 25% of all cancers in women. Based on end users, the global computer aided detection market has been segmented into hospitals, clinics, diagnostic centers and research centers. Hospital end user segment is expected to contribute the maximum share among end users.
On the basis of regional presence, global computer aided detection market is segmented into five key regions viz. North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to lead the global computer aided detection market due to high adoption of CAD in cancer diagnosis.
The European region is anticipated to be the second largest market with a prominent share of the breast cancer segment through 2024. The Asia-Pacific and Latin America region on the other hand are expected to represent the highest growth rate during the forecast period owing to the growing incidence of cancer in these regions. The Middle East & Africa market is not well established as compared to the other regions.
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Some of the major players in global computer aided detection market are Hologic, Inc. iCAD, Inc., Agfa-Gevaert N.V., EDDA Technology, Inc., Fujifilm Medical Systems, Inc., Invivo Corporation, GE Healthcare Ltd., Philips Healthcare, Hitachi Medical Corporation, Siemens Healthineers, etc.
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